Lately I've been looking at the floor prices and wall orders for a few PFPs again. To be honest, most "members" are more like a transferable ticket: when popularity rises, the orders on the wall grow thicker; when attention shifts away, the holding structure begins to loosen, and the chips return to a few hands. For a brand to be long-term, it needs to give you things to do while holding: voting, event slots, merchandise exchanges, offline meetups—ideally, these should also be tradable on the secondary market; otherwise, it's just locked-in emotional value.

I'm also annoyed by the copyright fee debate... Creators want to earn a living, traders want liquidity, and in the end, both sides are arguing. My approach is very simple: first, see how the project team spends money and delivers on-chain, then look at market depth and signs of wash trading. Only "members" who can exit smoothly are worth talking about as a brand. Anyway, I don't believe in slogans, I believe in order books.